The North America Parametric Insurance Market would witness market growth of 8.4% CAGR during the forecast period (2022-2028).
Index-based insurance, also known as parametric insurance, is becoming more popular, particularly for weather-related calamities. Since weather stations and satellites properly record weather-related factors, hazard modeling continues to advance. Improved data and analytics make the parametric cover a more effective, accessible, and competitive market choice. In addition to hazards associated with the environment, parametric insurance is also employed for a number of other issues. More specialized parametric insurance against additional specific risks like cybercrime, data breach, and even reputational damage is being built due to advancements in big data analytics, computing capacity, and modeling procedures.
Catastrophe bonds that cover significant risks like hurricanes and earthquakes have had the most impact so far on parametric insurance, but the idea is starting to appear more frequently in commercial and household insurance. Because the coverage only kicks in when a predetermined "metric," such as speed of wind or ground shaking, reaches or surpasses a specified intensity, it is called parametric. Various other metrics, such as barometric pressure, precipitation, average snowfall, storm surge as determined by tidal gauges, and even hotel room occupancy rates are used by insurers to determine whether to issue this type of coverage.
Every year, there are about 4,000 earthquakes in Canada. These are typically located near coastlines. Every year, landslides occur frequently in the nation's mountainous regions, such as the Canadian Rockies. The southern parts of Ontario, Alberta, Quebec, and New Brunswick are affected by tornadoes. The average number of tornadoes in the nation every year is 60. As seen by various meteorological statistics, the region will continue to witness some of the most adverse weather conditions. This has made the region a host to various parametric insurances and is a competitive and expanding parametric insurance market.
The US market dominated the North America Parametric Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,759.2 million by 2028. The Canada market is experiencing a CAGR of 10.5% during (2022 - 2028). Additionally, The Mexico market is showcasing a CAGR of 10.2% during (2022 - 2028).
Based on Type, the market is segmented into Natural Catastrophes Insurance, Specialty Insurance, and Others. Based on Vertical, the market is segmented into Agriculture, Construction, Aerospace & Defense, Mining, Manufacturing, Energy & Utilities, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Parametric Insurance Market is Estimated to reach $21.4 Billion by 2028, at a CAGR of 9.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Allianz Group, AXA SA, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Chubb Limited, Munich Re Group, FloodFlash Limited, Neptune Flood Incorporated, Global Parametrics Limited and Swiss Re.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Natural Catastrophes Insurance
- Specialty Insurance
- Others
By Vertical
- Agriculture
- Construction
- Aerospace & Defense
- Mining
- Manufacturing
- Energy & Utilities
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Allianz Group
- AXA SA
- Zurich Insurance Group Ltd.
- Berkshire Hathaway, Inc.
- Chubb Limited
- Munich Re Group
- FloodFlash Limited
- Neptune Flood Incorporated
- Global Parametrics Limited
- Swiss Re.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Parametric Insurance Market, by Type
1.4.2 North America Parametric Insurance Market, by Vertical
1.4.3 North America Parametric Insurance Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Acquisitions and Mergers: 2019, Dec – 2022, Jul) Leading Players
3.3.3 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2020, Dec – 2022, Jul) Leading Players
Chapter 4. North America Parametric Insurance Market by Type
4.1 North America Natural Catastrophes Insurance Market by Country
4.2 North America Specialty Insurance Market by Country
4.3 North America Others Market by Country
Chapter 5. North America Parametric Insurance Market by Vertical
5.1 North America Agriculture Market by Country
5.2 North America Construction Market by Country
5.3 North America Aerospace & Defense Market by Country
5.4 North America Mining Market by Country
5.5 North America Manufacturing Market by Country
5.6 North America Energy & Utilities Market by Country
5.7 North America Others Market by Country
Chapter 6. North America Parametric Insurance Market by Country
6.1 US Parametric Insurance Market
6.1.1 US Parametric Insurance Market by Type
6.1.2 US Parametric Insurance Market by Vertical
6.2 Canada Parametric Insurance Market
6.2.1 Canada Parametric Insurance Market by Type
6.2.2 Canada Parametric Insurance Market by Vertical
6.3 Mexico Parametric Insurance Market
6.3.1 Mexico Parametric Insurance Market by Type
6.3.2 Mexico Parametric Insurance Market by Vertical
6.4 Rest of North America Parametric Insurance Market
6.4.1 Rest of North America Parametric Insurance Market by Type
6.4.2 Rest of North America Parametric Insurance Market by Vertical
Chapter 7. Company Profiles
7.1 Allianz Group
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental Analysis
7.1.4 Recent strategies and developments:
7.1.4.1 Acquisition and Mergers:
7.1.5 SWOT Analysis
7.2 AXA SA
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental Analysis
7.2.4 Recent strategies and developments:
7.2.4.1 Partnerships, Collaborations, and Agreements:
7.2.4.2 Product Launches and Product Expansions:
7.2.5 SWOT Analysis
7.3 Zurich Insurance Group Ltd.
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Recent strategies and developments:
7.3.4.1 Product Launches and Product Expansions:
7.3.4.2 Acquisition and Mergers:
7.3.5 SWOT Analysis
7.4 Berkshire Hathaway, Inc.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Recent strategies and developments:
7.4.4.1 Acquisition and Mergers:
7.5 Chubb Limited
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Recent strategies and developments:
7.5.3.1 Product Launches and Product Expansions:
7.5.3.2 Acquisition and Mergers:
7.5.4 SWOT Analysis
7.6 Munich Re Group
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental Analysis
7.6.4 Recent strategies and developments:
7.6.4.1 Partnerships, Collaborations, and Agreements:
7.7 FloodFlash Limited
7.7.1 Company Overview
7.8 Neptune Flood Incorporated
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Partnerships, Collaborations, and Agreements:
7.8.2.2 Acquisition and Mergers:
7.9 Global Parametrics Limited
7.9.1 Company Overview
7.10. Swiss Re.
7.10.1 Company Overview
7.10.2 Financial Analysis
7.10.3 Segmental and Regional Analysis
7.10.4 Recent strategies and developments:
7.10.4.1 Partnerships, Collaborations, and Agreements:
7.10.4.2 Product Launches and Product Expansions:
TABLE 1 North America Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 2 North America Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Parametric Insurance Market
TABLE 4 Product Launches And Product Expansions – Parametric Insurance Market
TABLE 5 Acquisition and Mergers – Parametric Insurance Market
TABLE 6 North America Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 7 North America Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 8 North America Natural Catastrophes Insurance Market by Country, 2018 - 2021, USD Million
TABLE 9 North America Natural Catastrophes Insurance Market by Country, 2022 - 2028, USD Million
TABLE 10 North America Specialty Insurance Market by Country, 2018 - 2021, USD Million
TABLE 11 North America Specialty Insurance Market by Country, 2022 - 2028, USD Million
TABLE 12 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 13 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 14 North America Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 15 North America Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 16 North America Agriculture Market by Country, 2018 - 2021, USD Million
TABLE 17 North America Agriculture Market by Country, 2022 - 2028, USD Million
TABLE 18 North America Construction Market by Country, 2018 - 2021, USD Million
TABLE 19 North America Construction Market by Country, 2022 - 2028, USD Million
TABLE 20 North America Aerospace & Defense Market by Country, 2018 - 2021, USD Million
TABLE 21 North America Aerospace & Defense Market by Country, 2022 - 2028, USD Million
TABLE 22 North America Mining Market by Country, 2018 - 2021, USD Million
TABLE 23 North America Mining Market by Country, 2022 - 2028, USD Million
TABLE 24 North America Manufacturing Market by Country, 2018 - 2021, USD Million
TABLE 25 North America Manufacturing Market by Country, 2022 - 2028, USD Million
TABLE 26 North America Energy & Utilities Market by Country, 2018 - 2021, USD Million
TABLE 27 North America Energy & Utilities Market by Country, 2022 - 2028, USD Million
TABLE 28 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 29 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 30 North America Parametric Insurance Market by Country, 2018 - 2021, USD Million
TABLE 31 North America Parametric Insurance Market by Country, 2022 - 2028, USD Million
TABLE 32 US Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 33 US Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 34 US Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 35 US Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 36 US Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 37 US Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 38 Canada Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 39 Canada Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 40 Canada Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 41 Canada Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 42 Canada Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 43 Canada Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 44 Mexico Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 45 Mexico Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 46 Mexico Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 47 Mexico Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 48 Mexico Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 49 Mexico Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 50 Rest of North America Parametric Insurance Market, 2018 - 2021, USD Million
TABLE 51 Rest of North America Parametric Insurance Market, 2022 - 2028, USD Million
TABLE 52 Rest of North America Parametric Insurance Market by Type, 2018 - 2021, USD Million
TABLE 53 Rest of North America Parametric Insurance Market by Type, 2022 - 2028, USD Million
TABLE 54 Rest of North America Parametric Insurance Market by Vertical, 2018 - 2021, USD Million
TABLE 55 Rest of North America Parametric Insurance Market by Vertical, 2022 - 2028, USD Million
TABLE 56 Key Information – Allianz Group
TABLE 57 key information – AXA SA
TABLE 58 Key Information – Zurich Insurance Group Ltd.
TABLE 59 key information – Berkshire Hathaway, Inc.
TABLE 60 Key Information – Chubb Limited
TABLE 61 Key Information – Munich Re Group
TABLE 62 Key Information – FloodFlash Limited
TABLE 63 Key Information – Neptune Flood Incorporated
TABLE 64 Key Information – Global Parametrics
TABLE 65 Key Information – Swiss Re.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Acquisitions and Mergers: 2019, Dec – 2022, Jul) Leading Players
FIG 5 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2020, Dec – 2022, Jul) Leading Players
FIG 6 SWOT Analysis: Allianz Group
FIG 7 SWOT Analysis: AXA SA
FIG 8 SWOT Analysis: Zurich Insurance Group
FIG 9 SWOT Analysis: Chubb Limited
FIG 10 Recent strategies and developments: Neptune Flood